Welcome to the payment revolution

Credit Card EMV.jpgTechnology has undoubtedly altered the way we manage our money as consumers. Common luxuries, like direct deposit and ATMs, have made it easier for us to do our banking, even when we are far away from our financial institutions. Mobile banking through smartphones and online banking through personal computers have enabled us to check our account balances, transfer funds and pay bills from the comfort of anywhere.

Inevitably, as time pushes the ever-climbing bar of technology to new heights, we must also recognize that our greatest financial enemies – thieves, fraudsters and scammers – will more than likely continue their efforts to steal, deceive and thwart. That is why it is imperative for this nation’s financial institutions to have a better defensive strategy. Circa
2015, the revolution of money management continues.

Later this spring, Arsenal Credit Union will introduce a new and innovative credit card system that utilizes a security technology known as EMV, or Europay, MasterCard® and Visa®. As the name implies, this technology originated in Europe and has been instrumental in preventing the spread of fraudulent activity throughout the continent. After 22 years of research and 11 years of proven success, EMV is finally ready for the United States.

How EMV works

Your Arsenal accounts are monitored for fraud 24 hours a day, seven days a week. Thanks in part to a microchip embedded within your new card, the security of the purchase process is enhanced by providing dynamic data – a secure token – at the time of use. Since this token cannot be known by someone who steals your card or card number, your payment information is rendered useless to anyone who is not you. As an added defense, an EMV microchip is also much more difficult to replicate or counterfeit than the magnetic strip on current cards.

Introducing CVV2

CVV, or Card Verification Value, is a security feature that is built into every modern credit and debit card. With your new EMV card, CVV is also receiving an upgrade. Simply, CVV2 is created by a second-generation process that makes the number more difficult for criminals to “guess.” Located on the back side of your card, these three bold numbers are the virtual signature for your card’s identity, proof that the card is present during transactions occurring by mail, fax, over the telephone or through the Internet. Providing your CVV2 number proves to the merchant that you actually possess the physical credit card which, in turn, helps to keep your transactions safe while reducing fraud.

What you should expect

Arsenal Credit Union will launch the first wave of EMV-equipped credit cards in June. Members who currently have a Visa credit card with an approaching expiration date, along with all new credit cards issued after June 1, will be the first to receive this technology. All current credit cardholders at Arsenal should have a new card issued to them during 2016.

Remember, if you use your credit card for automatic payments with various merchants, you will need to give them your card’s new expiration date and new CVV2 number.

How to use your new card

  • If the merchant hasn’t updated its payment terminals to process EMV transactions, you will swipe your card the normal way, allowing the transaction to be processed using the magnetic strip on the back of your card.
  • If the merchant is EMV ready, you will be prompted to insert your card into the terminal. Your card will be kept safely inside while the microchip is authenticated. To complete the transaction, you will need to add your signature to the terminal, as “chip and signature” is the preferred cardholder verification method that Visa has selected. Please do not try to pull your card out of the terminal directly after inserting it; wait until the transaction has been completed. Some terminals may remind you to take your card, but some many not, so remember to take your card before leaving the merchant.

Simply, your new card will have more than just a new look. It is equipped with a new range of features to help protect your money in powerful ways, which means less worry – the way it should be.